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20.3.13

Know Your Market and Do Your Homework

Welcome back Super Stars and Go Getters alike,

What's our plan of attack for today?

Lets learn about the reason's why we need to know our market and most importantly why we should do our homework thoroughly before taking action.

First let's talk about what's a market so that we're all on the same page, To me the word market relates to any form of money transaction's or any new subject's that we want to get involved in for example, Buying a car, starting a new career or even collecting stamps.

For an easy example and lets say we need a new car, so what's our market?
That's right "new cars". Now that we know our market it's time to look at the second part of the equation and that's to do our homework. I'm sure everyone understands the concept of homework but for those who don't the definition of homework is "work or study done in preparation for a certain event or situation".

Let's get back to buying our new car, so we know we're in the market for a new car and we know we should do our homework before buying our new car, but lets say we didn't do any homework or research and just went out and brought our new car what do you think might happen?.

This is why it's best to do our homework and research our market, an easy way to find things that might be important to research is by asking the question "what if I don't do my homework and ?" here are a few question we could ask ourself when we buy our new car.

What if I don't do my homework and I pay too much for my car?

What if I don't do my homework and I get the wrong insurance?

What if I don't do my homework and I miss out on a deal?

This is just one way we can find out what to research when completing our homework, there's many more methods but I'm sure we all catch the drift.

So now now we know about markets and doing our homework why's it so important?.

Knowing our market will give us focus and help pinpoint exactly what we're doing, completing our homework and researching our market not only saves us time and possibly money too but it also educates us on what's involved,things we should or shouldn't do and possible outcomes.

There's nothing wrong with hitting the ground running and learning from our mistakes however speaking from my own experiences which include becoming a chef, an investor, a business owner, working in sales and even starting this blog I have found that it's always best to be somewhat educated on any of our new endeavors that we're undertaking.

So remember to test the water before we dive in, we don't want to regret our decision, so make sure we're at least a little bit informed and have some idea of what we're getting in to.

Thank you for coming today team please feel free to comment, subscribe or even return to the Main Blog.